PAN 2.0 : After an 8 year wait
In 2016 , I sent following e-mail to Cabinet Ministers :
Ø An " Aadhar " for Corporate ? …………………….. 12 May 2016
Extract :
How many types of NUMBERS, do Indian Companies need to register and acquire , to do business ?
Writing in MINT ( 02 May 2016 ), Narayan Ramchandran quotes Manish Sabharwal , who has researched and listed the following :
# Corporate Identity Number........................................... ( 21 digits )
# Tax-payer Identification Number for commercial taxes...... ( 11 digits )
# Service Tax Number...... ( Alpha-Numeric ) .................... ( 15 digits )
# Permanent Account Number - PAN ( Alpha-Numeric )........ ( 10 digits )
# Central Excise Number..................................... ( PAN + 2 Characters )
# Provident Fund Number .................( Alpha-Numeric )...... ( 11 digits )
# Profession Tax Registration Certificate ( Numeric )............... ( 9 digits )
# Profession tax Enrollment Certificate ( Numeric )............. ( 9 digits )
# Income tax Deduction/Calculation Number ( Alpha-Numeric ) ( 10 digits )
# ESIC Number ( Numeric )................................................ ( 17 digits )
# Labour Department Registration(State specific alphanumeric) (13 digits )
# Importer-Exporter Code ( Numeric )................................. ( 10 digits )
# Shops/Establishment Reg Number ( alphanumeric )............ ( 20 digits )
# Contract Labour Registration ( alphanumeric ).................. ( 15+ digits )
# Labour Welfare Board ( Numeric )..................................... ( 5 digits )
# Higher Court Case Number ( Alphanumeric )..................... ( 12 digits )
Now , CBDT and MCA are in the process of integrating their back-end operations , to provide ONE SIMPLE IDENTITY to companies, doing away with the above multiple numbers
Without doubt , this long overdue simplification will make it easy to do business in India
But , it seems , that each State will have unique number ( for each Company registered in its territory ), as far as GST is concerned
I hope , someday soon , an India Start-Up comes up with a digital solution ( pasting, a unique RFID sensor on the forehead of each child , at birth ? ) to get rid of all the CARDS , a person needs to acquire in a life-time , as mentioned in my following blog :
Ø Raining Cards ? .. ……………………………..30 Jan 2013
Is this news , the END of that wait ?
Union Cabinet: PAN 2.0 to be common business identifier ………… Business Line …….. 25 Nov 2024
Extract :
Permanent Account Number (PAN) will now be a common business identifier.
The Cabinet Committee on Economic Affairs (CCEA), on Monday, approved an over ₹1,400-crore project titled PAN 2.0, which will subsume multiple identification numbers into one with assurance of data safety.
“PAN, TAN (Tax Deduction and Collection Account Number), TIN (Taxpayer Identification Number) etc will be subsumed into one,” Information and Broadcasting Minister, Ashwini Vaishnaw, said.
PAN is alpha-numeric based 10-character financial identity. So far, 78 crore PAN have been issued, out of which 98 per cent has been issued to individuals.
Under the new project, the existing system will be upgraded. It will become Common Business identifier for all business-related activities in specified sectors.
There will be a unified portal. Cyber security measures will be robust and PAN Data Vault system mandatory for all entities using PAN data. This means “data submitted by a user with bank or any other agency will need to be kept in a data vault to ensure safety,” the minister said.
There will no need to apply for fresh card under the new system. QR-based new card will be issued free of cost, he said.
With regards,
Hemen Parekh
www.HemenParekh.ai / 26 Nov 2024
Related Readings :
No comments:
Post a Comment